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It’s all about Ethereum ETFs today. 10x Research signaled there may be trouble ahead as outflows hit over $100 million. Meanwhile, MonoSwap was hacked after an employee fell for a phishing scam.
<h2 id="ethereum-etf-sell-off-signals-more-trouble-10x-research">Ethereum ETF sell-off signals more trouble — 10x Research</h2>
The long-awaited launch of spot Ether exchange-traded funds (ETFs), which brought optimism to the market, quickly led to a sell-off and subsequent decline in the price of Ether.
<a href="https://mail.10xresearch.co/p/will-ethereum-drop-3000-essential-tips-traders" target="_blank" rel="noopener nofollow">According</a> to the latest 10x Research report, <a href="https://cointelegraph.com/news/ethereum-etf-selloff-market-dynamics">this sell-off trend closely follows </a>a familiar pattern seen by previous crypto ETF launches, including spot Bitcoin (<a href="https://cointelegraph.com/bitcoin-price">BTC</a>) ETFs.
Speaking with Cointelegraph, Markus Thielen, the founder of 10x Research, explained that many traders “anticipated Ethereum ETFs would capture 20% of Bitcoin ETF inflows.”
“However, they overlooked potential billion-dollar outflows from Grayscale and the tendency for exchange listings to trigger ‘sell the news' reactions. Additionally, the crypto market is entering a seasonally weak period.”
According to the 10x report, Grayscale’s $9 billion Ethereum Trust experienced significant outflows — hemorrhaging $481 million on day one and $326 million on day two.
In contrast, other ETF issuers, such as Bitwise, recorded $204 million in inflows on day one, largely from the venture capital firm Pantera Capital.
Although this suggests a mixed sentiment in the market, Pantera’s apparent quick sell-off of its “seed investment” indicates a lack of confidence in sustained growth, per the report.
<h2 id="spot-ethereum-etfs-post-113m-of-outflows-on-second-day-of-launch">Spot Ethereum ETFs post $113M of outflows on second day of launch</h2>
United States exchange-traded funds investing in spot Ether have turned to a net outflow of $113.3 million on their second day of trading, primarily due to heavy bleeding from Grayscale’s Ethereum Trust.
Seven of the eight “newborn” Ether (ETH) ETFs posted net inflows on day two of trading. Fidelity’s Ethereum Fund (FETH) and the Bitwise Ethereum ETF (BITW) led the pack with the largest net inflows, posting $74.5 million and $29.6 million in new flows, respectively.
<figure>
 <img src="https://s3.cointelegraph.com/uploads/2024-07/07274d1a-57cc-4ff8-b937-f0f920a87a3e.PNG" alt="Here’s what happened in crypto today">
 <figcaption style="text-align: center;">
 Ether price chart. Source: X
 </figcaption>
</figure>
BlackRock’s iShares Ethereum Trust (ETHA), which posted the most robust inflows out of the group on July 23, only gathered $17.4 million from investors on July 24
The new spot funds were weighed down by another heavy day of selling from the recently converted Grayscale Ethereum Trust (ETHE), which hemorrhaged $326.9 million in outflows.
<h2 id="monoswap-hacked-after-employee-got-tricked-by-fake-vc">MonoSwap hacked after employee got tricked by fake VC&nbsp;</h2>
Decentralized exchange and staking platform MonoSwap announced on X that it’d been hacked on the morning of July 24. According to the post, the hacking was the result of an employee falling for one or more scammers pretending to be venture capitalists. 
The platform took the extreme measure of posting a link to the exploit and warned users not to click it. It also <a href="https://cointelegraph.com/news/breaking-monoswap-hacked-warning-issued-stay-away">advised users to immediately withdraw any assets</a>. The original post was subsequently deleted, “since it contained the phishing link,” according to a current post from MonoSwap.

Here’s what happened in crypto today

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